India-Russia Investment to Reach $30 Billion by 2025

Narendra Modi with the President of Russian Federation, Vladimir Putin, at Konstantin Palace, in St. Petersburg, Russia on June 01, 2017
Narendra Modi with the President of Russian Federation, Vladimir Putin, at Konstantin Palace, in St. Petersburg, Russia on June 01, 2017

The Prime Minister of India, Narendra Modi, met Thursday Russian President Vladimir Putin at the 18th Annual India Russia Summit at St. Petersburg.

Addressing the media at the end of the Summit, Modi recalled his first visit to St. Petersburg as Chief Minister of Gujarat in 2001. He said ties between India and Russia span the spectrum from Culture to Defence (Sanskriti se Suraksha).

The Prime Minister said 70 years of diplomatic relations between the two countries have been marked by a high degree of convergence on various bilateral and global matters.

He described the St. Petersburg Declaration, issued Thursday, as a benchmark of stability in a turbulent, interdependent and interconnected world.

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Modi described energy cooperation as one of the cornerstones of the relationship between India and Russia, and noted that this cooperation in the nuclear, hydrocarbon, and renewable energy sectors has been considerably deepened by the discussion and decisions taken during his visit. In this context he mentioned the agreement of Units 5 and 6 of the Kudankulam Nuclear Power Plant.

The Prime Minister emphasized the role of the private sector in enhancing trade and commerical ties between the two countries, adding that India and Russia are close to achieving the target of 30 billion US dollars worth of investment by 2025.

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Modi also mentioned cooperation between the two countries in the International North South Transport Corridor. Among other initiatives, he mentioned the “bridge to innovation” to promote startups and entrepreneurship, and the forthcoming commencement of discussions on a Free Trade Agreement with the Eurasian Economic Union.

On the cultural side, Modi said the deep awareness of Russian culture in India, and of Yoga and Ayurveda in Russia, was a matter of deep satisfaction.

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He welcomed and applauded President Putin’s leadership in the growth of India-Russia relations.

Earlier, addressing CEOs of both countries, the Prime Minister invited Russian companies to invest in key sectors of the Indian economy, and particularly mentioned opportunities in the strategic sectors.

India and Russia signed five agreements Thursday in sectors covering nuclear energy, railways, gems and jewellery, traditional knowledge and cultural exchanges.

Photo courtesy: Press Information Bureau

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Rakesh Raman